THE CHINA MAIL, MONDAY, OCTOBER 9, 1961.
Weekly Survey of American economy
THE RECOVERY CONTINUES
COTTON WEEKLY
Cotton
New York, Oct. 8.
futuros trading
climoxed the wook on a
nofe of steadiness, after
At Friday's close the Ilst raled net 3 to 9 points higher or 30
REVIEW
delivery
intermittent spurts of in the spot October
trading feature. activity and mixed price provided a
Circulation of a moderate changes.
amount of delivery notices come:ission houst brought liquidation. Spot Interests were accredited buyers of nearbys cents to $1.05 D balo higher againat sales of later months.
Trule attention focused print the weekend was estimated to The open position in October marlly on the government cruy be below 5,000 bales, the certi report to be published tomorrow.
stovit totalieel H8,622 Must observers expected a gun-eted
than the preceding week,
areas, and other.
But car strike mars bright economic scene
New York, Oct. 8.
Only the Ford Motor Corporation strike marred an otherwise pleasant contem- plation of the U.S. economic scene last week.
CIENCI
INHING
New York stocks NEW PORTABLE
advance on heavy trading
New York, Oct. 8. Three broad midweek advances on fairly heavy trading restored roughly $7,000 million to stock market paper values last week. With business news continuing to brighten and the first flow of third quarter carning showing a decisive uptrend, investors ap- Farently thought they had chance to buy into the strong groups al about the lowest prices they might see for some time,
Д
size reduction from the previous beles, plus 300 bates awaiting estimate, partly because of hur- inspection and micronnaire test.
However, the strike's ramlfica- | ruimber of jobless dropped to ricane-nflcted damage in some However, some spot antfelpated tions were important enough to just over four million but the
substantial rexfuction in Gulf warrant a second look at some of percentage backwardness
of the total labour part stocks because of salt-the Aelds of business.
force was still up there at 0.8. during the Trade ideas seemed to be cry-water damage done
1. The
of Looking car industry,
for explanations, the alalising around
possible อ
regen hurricane.
course, will be the first to suf-government concluded that last Agre of 14,000,000 biles, or Raw colton exports for the for. At a time when new mo-month's hurricanes
may have ubout 200,000 bates less than eveon through October 3 total-dels are boing introduced and had something to do with the the previous government estiti 934,115 bales against 328,448 the public's appetite at its best, fact that the expected bigger mate patblkhed a with ngo, ules shipped to the same time General Motors, which is only drop in joblessness did not
Most of the major industrial After the crop report on Mon- dal seasoa, necording to the New now recovering from its labour materialise. day, trade attention, evening-up ↑ York Cotton Exchange.—UPI. troubles, st has to ration its
Experis considered anuther groups forged ahead but some new cars to dealers on telekle.
source of mild disappointment motors were held in check by Ford will have to do the same but again only because they the UAW strike at Ford Motor pretty soon and Chrysler still failed to keep pace with gov-n some people feared that the has t wenthur its contract ernment hopen. The August strike could spread to Chrysler talks-with a distinct strikte pos-export total declined three per at a later date, sibility there, too.
cent from July but were still j Domestic olla generally had a
P.O
ORIENT
LINES
S.S. ORONSAY ·
SAILING FROM HONG KONG 11th OCTOBER FOR
JAPAN, HONOLULU, VANCOUVER, SAN
FRANCISCO & LONG BEACH
EMBARKATION: The ship will be berthed at, No. 5 Pier, Kowloon Wharf, entrance at No. 6 Gate, Navy Street, off Canton Road. Passengers should embark between 2 p.m. and 3 p.m. on Wednesday, 11th October, 1961.
SAILS:
BAGGAGE:
The ship is expected to sail at 4 p.m. on Wednesday, 11th October,
1961.
tion.
ALL PASSENGERS MUST BE INO- CULATED AGAINST CHOLERA BEFORE EMBARKATION.
SUBJECT TO CHANGE
Agents:
workers fourteen
pro- even this
TEXTILES
WEEKLY REVIEW
2. But the stert industry above 1000 levels. This only good week but the big interna- who in the real loser. Starting findde it clear that exports alone tionals were unsettled by the on the first of this month it had will not solve the International shaky political situation in the The to boost the wages it pays its payments deficit, în connection Middle East following the break by between ten and with this, early reaction to the up of the United Arab Republic.
cents an hour under Lank rate cut In the United
Steels tapered off in the final the provisions of an earlier la: Kingdom was one of satisfaction. sesalon after good gains earlier bour contract. But the steel It was pointed out that the cut
In the week on higher market being what It is de would diminish the danger of
duction and hopes for layed or even cancelled orders another large outflow of capital bigger Increases later from the strike-pingued car in-
U.S. being attracted autumn from the
when the car-labour dustry piling up in Inventory or by high interest rates overseas. issue is completely settled. Ex- supply channels the much-
Fallout shelter
pectations of big orders from the talked-about steel price increase
stimulated car companies also was temporarily put on the
related issues such as car parts shelt and the Industry $
makers and rubbers. absorbing the wage boost from
Tobacco shares gainers along with rails. profits.
The expected big push of new orders In October failed to materialise, and steel's position was further undermined by the reduction of aluminum prices last week. It was clearly no time to increase prices now the Industry was only that somewhere in the hoping middle of the fourth quarter such a time will come.
Overall recovery
Now York, Oct. 8. cotton grey goods markét Idit week continu- ed to bb a two-sided affair.
Industrial heavyweight fabrics enjoyed a broadening inquiry at while strengthening prices, apparel-type fabrics continued to meet on Indifferent deinand with buyers probing constantly for lower prices.
Most consumers kept a steady interest in wide sheetings,
twilin ond drills, ornaburgs, were
duck fabrics.
Drapery goods and industrial werd alex Washington ofcals were dis-bagging fabrics.
with of improvement. fair
and
For the Orst time gains could
in September with three leading
ed since then.
producers reporting factory sales Stoel industry
twenty and
Stimulating
סנה
Stonderd
big
saving rather than
news has
constant
Cumulative rise
LIGHTING EQUIPMENT
London, Oct. 8.
A new portable self-contained unit which will provide automatic emergency lighting immediately on an A,C. mains failure has been introduced by a United Kingdom firm.
The equipment is designed for use in places where permanent emergency lighting schemes are impracticable.
HONGKONG
STOCK EXCHANGE
(Our Own Correspondeat
Business done on the Hong- kóng Stock Exchange morning
The unit is housed in a sheet steel container, the battery and charger being sot in. separate compariments. Fitted on top la a swivel-mounted lamp which is automatically switched on by a relay should the A.C, mains supply fall.
An on/off switch is mounted on the frunt
is and the unit. normally left connected to the mains supply, a small peon in- dicator lamp showing that the mains supply to the lamp is healthy.
Normally fitted with a 36- walt bulb to give three and halt hours' emergency light, the this equipment will provide one and amounted to aphalt
hours stand-by lighting proximately $920,000. Noon when two bulbs (not exceeding quotations and the morning's 60 watts in all) are used. It transactions:
is ruitable for A.C. maina 200/ 230 volts, 40/60 cycles,
Bhares HK Bank..
Buyers Sellers
134
Balor
338
FB 334
B
136
TO + 330
604 200
2100 0.10
Two units
six-volt unlis,
The battery, designed for use on trickle charge, comprises a twelve-volt assembly of two each with a eppacity of 12.5 Ah at the ten- hour rate. Each battery is s sembled in a three-compartment. 11.00 container moulded in transla- 11.07
cent polystyrene. At average room temperature toppling up ls only necessary two or three times per year and maintenance is negligible.
HK Bank Ailled
Lot Reg. 200
1. F
Inv.
Inv
Wharf
21
Ris
Wheelock (Old)
3.10
A3)
#13% 11.00 7500
and
1000
12000
115
4 11.00
11.10 11.40
113
116
310
HK
HK Hotel.. 30% HK Land
TEARY
Gi
2.125
K.D. Yaumati X.D.
Trani. KM. ONN
68
Ferry
100 110
An Interesting footnote to the rise in September construction expenditures may be the fallout shelter business which is begin, ning to come of age as a result of present international tensions. Although this business is stil considered very minor and not turbed by reports that Ameri-arcas to sulistantial orders re- well organised at all as dc- Cons signs and distributing, somat spending a surprisingly high ported booked there for fourth interesting facts are beginning share of their record personal and first quarter delivery, One sheeting weaver indicated an incoines, but the to emerge.
Chicago firm stimulating effect in the market intention to go from a four-dag Passengers are requested to send all
A suburban claims it is now building fall-on savings and loan and most tick to a five-day work week baggage for hold a Baggage
as his order backlog exparided. out shelters at a rate of the other anance shares. Room and as much Cabin Baggage
a day. All last year, it only The Dow - Jonce industrial
While the demand for heavy- bull! three. Its president average moved to 708-25 for a weight goods was not specia as possible to the Hongkong &
claims President Kennedy and gain of 80.04, the rail averagecular, it was Overall, however, the business Kowloon Wahrf Co.'s godown (en-
Fremler Kruscher are its beat closed near its 1801 big at encouraging to milis striving to trance at No. 2 Gate, Canton Road), recovery continued, chalking up
publle relations ment a ten por rent gain in industrial
159,74, up 7.76 and 15 utilities get higher prices to offset the Is selling. bomb eet new "Kruschev
(Now) between 8 n.m. and 5 p.m. on Tuesday, production
post-1920 highs all growing expensiveness of raw since the recession
HX Dock .. every time 10th October, 1961. Passengers levelled out and thus more than shelters like crazy
Poor's should only take light hand baggage making up for the recession's he opens his mouth, and Ken-wel ending at 127.13, up 4.60. cotton, plus the inerented mill
com-wage mites which became effee-Taikoo Dock nedy sold another million dollars eight per cent loss.
prehensive 500 Block Index tive a month ago, that they can carry themselves for
worth with his U.S. speech." entering at No. 6 Gate on embarku- be reported in construction and of shelter business is the num-of 1.25, indicating that the One indication of the growth showed a relatively larger gain in retail sales of appliances, the bar of construction firms in this general list outperformed the two factors which have beenfeld which have registered with blue chips. This fact was taken A quick review of the raw lagging so far.
many market technicians as cotton cost problem shows & Construction expenditures in the government's civil defence
bullish factor for cumulative rise of $17.25 a bale office. Last April there were a powerful September ran at a record an-
În trợ raw material so for Vils. | ch. Light 5419 24 nual rate of $50,400 million, Ave only fifty such Arms. By Sep- the Immediate future,
tember 1 the number rose 150 Total volume for the five-day year. From a low or 30.00 cents per cent above year ago levels. Appliances sales gained sharply and it is reported to have doubl-period was 16,240,702 shares pound, stablished in mid- ngainst 10,550,424 week January, de average price for carlfer and 13,208,820 shares in midkiing inch cotton at the 14 the same week af 1960. running between
southern spot markets has risen The American steel industry, ixty per cent ahead
San Diego Imperial, one of of Sep-while temporartly squeezed in the
to 33.54 onte a pound, up 343 savings and loan issues, tember 1960.
Its demesile One disappointment to gov-
market, this past was the week's most active points and currently is $1 emment economie analysts was week announced three moves stock, up 14 to 15%. Spiegel bale over the average govern-
that testify to its awareness of followed with a gain of 3 but markets on the 1961-02 crop.
ment support price for those the comparatively slight drop in unemployment last month. The the importance of staking out nearly 1/3 yolume was ac- Weavers of duck cloth fabrics markets abroad, especially in counted for by a giant block count on an increased civilian
Increasingly Important sale apparently by an institu- European Common Market area. tion.
and goverment demant.
Wide conmburgs, which U.S. Steel, in its first invest- Third place went to General ment in a foreign steel making Motors, up a point, as produc-normally have a wide range of operation,
have suddenly announced It was tlon got back into gear after Industrial uses,
become a "hot Item," joining the Terni Societa Per't the brief strike at itë planta.
and Industria E L Lelireita to foom In all, 1,457 issues wero
temporary perhaps only a new Italian steel-making firm, traded during the period. Ad-factor, in the apparel trade,
Jessop Steel
commented. Company Bn- yances out-numbered declines brokers nounced it is considering a joint by the top-heavy margin of 883 osnaburg weavers said they have venture with Vuminidiars PH- to 419. New highs totalled 130 become "swamped" with orders vate. Ltd., of Madras, India, for and new lows 79.—-UPI.
from the dress trade and to some
Entertain.. the construction
extent of an alloy
from
Int Inv. the makers
.. 13.30 steel plant in India.
B'lial Dock. sportswear,
City Hotels Elsewhere in the apparel divi-
Shal Land 46c. slon, however buyers continued
Shot Gas cautious on new commitments,
Rupe covering what they need through Tesales or from spot mills offer- 87ings. When available, however, mill executives said rising pro- duction costs for goods make higher prices inescapable at the retail end, sooner or later.
sales Carolina cotton spinners reported mills usually busy making shipments against old orders. Low Inventories have been causing supply dim- culties among knitting weaving planter,
MACKINNON, MACKENZIE & CO. OF HONG KONG LTD.
P. & O. Building, HK.
FIRST HONG KONG FUND
Telephone: 85211/9
SPECIAL OFFER OF
300.000
UNITS AT $1.14 PER UNIT
PAYABLE IN FULL ON APPLICATION
LISTS CLOSE THURSDAY, 12TH OCTOBER, 1961
All shares included in the Trust Fund are shares quated on the Hong Kong Stock Exchange. Applications must be made in multiples of 100 units, subject to a minimum holding of 500 units in the first instance.
BOLAT SZEN ENCRE ONE ROZÍ KRIZA TRENDU SONG ZARYAN HEREN GEÇEN HABEN SUCRE VONKO MASTI NAGARI MAŠTA Sath archu aktor Joshua TerB |
APPLICATION FORM
Payment must be mads in full with this application.
To: Hong Kong Unit Funds Limitad
7th Floor, Mexandra House,
+IONG KONG.
Hong Kong Fund at the advertised price of
• I/We hardly apply for...............units in the First $1.14 per unit, in accordance with the conditions contained in the offer and subject to the terms of the Trial Deed dated 12th July, 1960.
*We enclose cheque/money, orderjcash for $.............being payment in Huff for the number of balla applied for. I/We understand that the money will be returned to mefun én Full if ko Units um útlottad. 4/We declare that We omjera over 21 years of age.
BURNAME(S) (in English).................
[Plotsa stata Mr., Mrx, or Miza).................
OTHER NAMEIS) IN FULL
ADDRESS.....
RIORATURE(S) ....
Teleptona Ho.....
ur-iz
the
And National Acme Company UNIT TRUSTS
ex
| signed allcensing agreement
with the Mitsubichi Shipbuild- First Hongkong Fund; ing and Engineering Company dividend: 31.08 (buyer) $1.10 of Tokyo for the manufacturé ¦ (beller).
of machine tools in Japan. - Second Hongkong Fund:
cents (buyer) 93 cents (seller),
UPI.
London market strengthens on bank rate cut
London, Oct. 8.
It
310
1000 60 2412
40
130 @ 12.00
ilk Elec. ik Telephon
Old
35
П
Gumad
2012 24.40 14,0 10.30 10.70
346 4
100
The new equipment weighs 30 Ib. complete and can easily be moved from one room or build- ing to another. It measures four and three-quarter inches wide by 13 inches long by 19% inches high (Including height
of lamp) It can be used for office buildings, recreation halls, churches, banks, hospitals, fac- lories, schools, colleges, stores, restaurants, control and boller rooms, and all installations re- quiring one or two emergency lighting points only,
The equipment plugs in to any 1000 2.070 power point and no special wir- Ing is required.-LPS.
2000 3.93
509 24.10 24.30 2450 24.08
160 21.30.
500 + 24.30
THUR
1000 0.30
Jardines
GI Cerment Daily XD.. Textile Nanyang A. Rubber. R. Truet .. stumphreys
Asi RIE 10
58 3711
0.20 8.40
12
0.35
1000 G 1,00
4000 $.05
0.00
7 300 & 4.00
1.35 0003 1.30
10000 1
of
Some
yarn
and
1
3012
400. 40
30
13.20
19,40
Craw... 3914
Sincere Vibro ...... Construction
Ch. Emp.
290 23.10
300 22.00
12 @ 47
Exchange rates
In the local
5.007
13.0
13.50
102
1,50
1.13
2.00
820
Business was done Whofficial exchange market morning at the following rates:- US dollar (por $11 ***** Starling violes (per £1)...... Airsilan notes (per, 21) Japanese yen (per 100)...... Cambodia riet per 100) Frenca new frane (3) Braziligh cruzeiro fper 100, Argentine peso (per 100)... Korean hawn (per 1,000) Jilian lira (per 1,000) Chinees JMP (për 1). Talwar Fuent (per 10) Thai baht (par, 1005 A Burmese Kyat (per 10). Pakaian rupee (per fo) Maden palaen (per 1) ....
hard fibres, aisal, hemp
Inclined to and burlap were ward easless in quiet trading. Relative weakness in Brazilian sisal affected Angola, Portuguese and African sort Hemp holders were disappointed by the con- tinued altre consumer interest. ously againał Zór forward nëečo. In wool, worated yam Betivity Prices awung down on Mon, 1 dollar, into Britain now remained quiet with occasionúk Norwegian krone (per 100), tiny, set a new low on Tuesday, that the pound is strong and A-la reconiera, Rayon Ergy | Philippine peso (por 1) "G Improved by Wednesday Onopparently out of any imme-goods purtidas wert Indstly BW Trane iper U higher gold and dollar reservo | diato donger. But Market for apoi delivery,UPI, figures and them jumped ahead sources bellove caution will killl
Thursday's bank rate cut from seven to 61⁄21⁄2 per
cent transformed the stock market.
(OLOCK LETTERS)
on Thursday with
taking the lead.
(in the case of joint applications ali person must slot, Corporations should campiste
under the hand of an authoried officer whose designation should be stálédi
The reverent, Was
git-edged be the keynote for stocks while
lower profi mafalns persiat to-
la consuers bought cauti-
more rosether with uncertainties about BANK OF ENGLAND irained on Friday with the une cost and Impact of Britain
derlone very Arm.
Despite the
going into the European Com government's mon Market, | warning that
The Financial Tace Indus this cut was ale "green light" signalling further trial Index gained 4.5 points on
ismantling
301:0 of the credit and the week to thin t anles équeeze, the lower key against the low of 28.0 and the Interest rate brightened thehigh of 380.7. matket and showed it takes Strength in Japanes bonda only modest Buying to stage i was the wandout us the foreign c+fick.
T with paha: up to RET, Thip balk rule out was pela | Gibanka "Tank terbund, fijn 7 martly aimed at halting any ins per cicis Entailipat cas, og flow of "hot.money," particular~] 11⁄2 points,--UPI.
STATEMENT
London, Oct, 0. The Bank of Bigland state- ment for the week ended Bep». tember 4, jõuds as followki,
Notes In troulkton, 1306,220.191. Pubillo depositas: 11,0340119 PRÍVES GeporTTA, 2277/130217, Ghverrari partije, ipides,sås. KELENA 70507364
2.30
E.00
24,80
2.00
0.000
7.05
Aingapore Brats (per 1) 199
1.30
1.3
Netherlands guilders (per 1 Cuban Hero (per 1)
1.04
West Germen D-Mark (per li
1.11
Mono-stereo
0.00
Success of air radio accessories
Since the announcontent in March by Marconl's Aero- nautical Division of the manufacture of two new sub-units for the AD 7092 sories of airborno autó- matic direction findor, substantial quantity orders have been placed for the equipments by leading air-
lincs,
are
The AD 7002 series automatic direction Ander was put Into mantifurture some 12 years ago and suck Was the advanced nature of its design that over
500 of these equipments giving good service with airlines and air forces ali over the world. The two new sub-units are on offer to improve still further the effclency and reliability the AD 7002 series and prolong its life. The incorpora-
f
10
tion of modern techniques con- siderably reduces the weight and power consumption.
British
European Airways propose to convert all their AD 2.17 20920 radio compasses to in- corporate the now AC power unit, typo XSA 3484, and 100 of these are already on order from Marconi's, with a similar order in prospect. Alitalia, Au -trian Airlines, the Indian Airline Corporation, Turkish Ablines, British United Airways, and the Finnish Air Force Have also placed substantial orders.
Trans-Canada Airways like- wise intend to replace all the AD exlating vibratore on their 70920
equipments with tranäistorised switching init type EMI have developed a 17- | XSA 0806, with Home 120 unita audio mixing control volved in the requirement. Clisanel conecte for Levy's Bound Station Brita United Airways, Austeion in Now, Boni-street, Londón, Afrlines,
Indian Airija. the Mano and stereo goordings of Corporation and Cunard-Eagio The baine performance, can be Airlines have niku placed orders,
made almátaneously,--LPB,
LPS.
audio mixer
London, Oct. 0.
10